| Research on several key relationships of the securities market of China with dialectic theoryAs an outcome of the well-developed market economy, securities market had begun to be built several hundred years ago in main capitalist countries. It only took China several years to achieve what the developed countries achieved in one century in development of securities market. The securities market of China has been playing a more and more important role in deepening the economic reform results and enhancing development of the socialist market economy. At the same time, the market development is hindered because of the fact that it is built at a stage of economic transformation. As President Jiang Zemin put it:" Securities market is a necessary outcome of the socialist market economy. Establishing a healthy securities market with order and safety is of critical importance to optimizing resources allocation, improving industrial structure, raising more public fund, and to enhancing national economic development. However, we must be clear-headed about the negative impacts and risks of securities market. One of the main reasons of this Southeast Asia financial crisis is because their capital markets have been opened too quickly and they have no strict financial and securities regulation. We should learn the lesson, enhance risk management and protection, and try hard to reduce negative impacts of this crisis on our country." In consideration of the situation that the current research of securities market is generally focused at financing and economic perspectives, the author attempted to use the theory of materialist dialectics to analyze some important relationships in the securities market of China.Chapter 1 analyzed constituents of China's securities market and dialectic relationship between the constituents. The basic dialectical materialism theory claiming that things are mutually related to, dependent on, and interact on each other was used in this dissertation to explain the interdependence and interaction between China's securities market and other markets.Chapter 2 reviewed the development history of China's securities market and major problems currently hinder the development of the market.In Chapter 3 the author focused on the relationship between securities and the economy and pointed out that securities market developed along with and reacted tothe economic development. The author also detailed interaction between the securities market and macroeconomic adjustment.Chapter 4 continued to explore the relationship between securities market and economic development of China and put forward that the securities market could play a role in economic start-up during current economic depression.Chapter 5 and 6 was focused on a key issue in China's economic reform: the relationship between state-owned enterprises (SOEs) reform and securities market. By using dialectic theory, the author studied unity of opposite between ownership and management of SOEs and pointed out that the only way out for SOEs reform was to establish Modern Enterprise System characterized by "clearly defined property right. clear defined rights and liabilities, separation of government functions from those of enterprises, and scientific management". So it has to rely on the securities market to clearly define property right, to enhance corporation governance, to improve optimization of resource allocation, and to improve industrial structure. On the other hand, SOEs reform gives more space for development of the securities market and encourages continuous innovation in the securities market.In Chapter 7 the author started from the fact that there were demand for financing and investment return and applied the dialectic theory of unity of opposite to analyze modern forms of capital demand and supply. The relationship between direct financing (via securities market) and indirect financing (via bank loans) was studied in this chapter.Chapter^ started from the fact that most investors of China's securities market were in...
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